Blockchain technology: “challenging the digital superpowers”
Crypto Summit brings together global influences, policy makers, investors and entrepreneurs.
BBeyond visited the 2018 Crypto Summit in Zurich for a day packed with talks and ICO presentations.
If you are not yet familiar with the acronym, ICO stands for Initial Coin Offering. It represents a successful instrument for raising funds for the development of a new application, essentially offering potential investors a crypto-token in exchange against established cryptocurrencies such as Bitcoin or Ethereum. (Update: A comprehensive review of the latter – including its use as an ICO platform – by King Passive can be found here.)
ICOs have been used since 2013 to fund the development of new cryptocurrencies. The pre-created token can be easily sold and traded on all cryptocurrency exchanges if there is demand for them. ICO may well revolutionize not just currency but the whole financial system, eventually becoming the securities and shares of tomorrow.
The message from the day was: Don’t be afraid of new technologies.
They transform our lives and those who don’t keep step risk sinking into irrelevance or worse, obliteration.
Listening to the presentations, I was acutely aware that a considerable number of new ventures simply apply blockchain technology to existing business formulas. Nor did this fact escape the moderators and some of the panellists.
The most interesting debate of the day, certainly from our perspective, was a 5 panellist conversation considering the merits of funding via ICO versus VC. All seasoned investors, both private and institutional, they made a case for the merits of each approach.
The following allegory was used to describe the difference: raising capital via the more traditional route through VC is akin to raising funds from your parents who can offer advice, safeguards, and help you build the project through experience and structured input; raising capital via ICO is akin to asking friends to take a punt but is often faster.
Another strong message of the day was: Build it first, Fund it later.
A number of the presented models were self-funded from previous ventures, which means start-ups in blockchain and crypto are headed by experienced developers and successful serial entrepreneurs.
The beauty of blockchain is, of course, that it is applicable across the board of industries: from finance to agriculture to logistics to healthcare to IP, to the entire digital industry, in fact.
The ICO “beauty parade” (judged on votes cast by all summit participants) included all of the above.
Livetree is a blockchain film and TV rights funding and distribution platform.
Blockchain Terminal bridges the gap between institutional investors and the cryptocurrency marke, with the entire ecosystem running on a utility token.
Cedex is a blockchain diamond exchange that offers transparency and value in an industry that is defined by obfuscation.
Essentia manages digital lives efficiently in a decentralised way
IPChain protects IP property and allows you to monetise your projects.
Ambit is a mining company in the free economic zone of Tbilisi, Georgia that has already delivered 100% ROI in just 5 months.
Abra is the only global app that allows you to buy, store, and invest in 20 cryptocurrencies in one place.
Falcon is a private bank that manages your crypto wealth portfolio professionally.
We will be publishing more on the subject, so stay tuned.